Posted December 12, 2023
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Attention Late Stage Investment Funds investors: contact investor lawyers for a free evaluation of your potential options and claims for compensation today.
✓ Did you acquire pre-IPO shares sold by a Late Stage Investment Fund, or any related entities?
✓ Are you concerned about the securities fraud allegations recently brought by the Securities and Exchange Commission against certain Late Stage Investment Funds affiliated persons and companies, including Raymond J. Pirrello, Jr., Marcello Follano, Robert Cassino, Anthony DiTucci, and Joseph Rivera?
✓ Are you concerned about the criminal fraud case brought by the federal prosecutors against Raymond John Pirrello in connection with allegedly promoting Late Stage Investment Funds investments?
✓ Would you like your potential options for compensation or redress to be reviewed by an experienced team of investor lawyers?
If so, request a free case evaluation of your potential claims for compensation today, via email at arosca@rscounsel.law, through the contact form on this page, or by calling 888-998-0530.
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Posted December 12, 2023
The investor rights attorneys at Rosca Scarlato LLC law firm have been evaluating potential compensation claims on behalf of investors in Late Stage Investment Funds, following the recent fraud charges by the Securities and Exchange Commission (civil securities fraud) and the federal prosecutors (criminal fraud). More details about the government’s actions against the Late Stage Investment Funds alleged fraud and their perpetrators are in the blog below.
Some of the Late Stage Investment Funds investors may be able to seek compensation for their losses from third-party entities that played a role in promoting, enabling, and/or assisting the Late Stage Investment Funds alleged scheme.
Late Stage Investment Funds investors interested in the evaluation of their potential options to seek compensation and/or willing to provide useful information may contact investor rights attorneys Alan Rosca, or Paul Scarlato. Claims that are not timely pursued may expire or otherwise be lost, generally speaking.
Attorneys Rosca and Scarlato have extensive experience in seeking compensation related to investor harm and pursuing claims arising out of alleged violations of securities law, investment fraud, and/or Ponzi schemes, and are currently evaluating potential claims on behalf of investors in Late Stage Investment Funds, and related entities.
They typically work on a contingent fee basis, do not require any money down from their clients, advance case expenses, and only get paid for their fees and expenses if and when successful.
Concerned Late Stage Investment Funds investors may contact attorneys Alan Rosca or Paul Scarlato to discuss their potential options toll free at 888-998-0530, via email at arosca@rscounsel.law, or through the contact form on this webpage.
On December 6, 2023, the Securities and Exchange Commission (“SEC”) and the U.S. Attorney for the Eastern District of New York issued announced parallel actions filed in connection with the sale of investments in a series of funds called Late Stage Investment Funds.
According to SEC’s securities fraud complaint, five unregistered brokers and four related companies engaged in in widespread pre-IPO fraud scheme. Raymond J. Pirrello, Jr., Marcello Follano, Robert Cassino, Anthony DiTucci, Joseph Rivera, and their affiliated companies Prior 2 IPO Inc., Late Stage Asset Management, LLC, Pre IPO Marketing Inc., and JL Rivera Enterprises Ltd. are accused of employing a nationwide network of unregistered sales agents to raise at least $528 million in unregistered offerings of pre-IPO securities from more than 4,000 investors around the world.
Separately, Raymond John Pirrello, Jr., also known as “Ray John,” was charged with securities fraud conspiracy, wire fraud conspiracy and securities fraud related to the same alleged scheme to defraud investors in securities offered by Late Stage Management, LLC, according to the unsealed indictment.
Late Stage Management, a company with offices in Montclair, New Jersey, allegedly managed a series of funds (“Late Stage Investment Funds”) which invested in pre-IPO shares of private companies that were expected to hold an initial public offering (“IPO”). According to the indictment, these funds were generally named in a numbered sequenced series, i.e., Late Stage Investment Fund I LLC, Late Stage Investment Fund II LLC, Late Stage Investment Fund III LLC etc. The SEC reportedly identified over fifty Late Stage Investment Funds.
According to the allegations in the indictment, Late Stage Management acquired the pre-IPO shares through a company called Capital Truth Holdings, and marketed the investments through Prior2IPO, a company allegedly operated by Ray John Pirrello.
Between 2019 and 2023 Pirrello and his co-conspirators allegedly engaged in a scheme to defraud investors in securities offered by Late Stage Management by, among others, concealing the existence and amount of fees charged upfront and the methodology of setting prices for shares of stock offered by Late Stage. By charging undisclosed markups that ranged between 3% and 150%, the network of unregistered sales agents allegedly pocketed more than $88 million in fees, the SEC complaint alleged.
Potential Compensation Claims
Investor rights attorneys Alan Rosca and Paul Scarlato at Rosca Scarlato have obtained and reviewed a substantial volume of records and other evidence related to this matter and would like to hear from investors in the Late Stage Investment Funds alleged fraudulent investment offerings. They have decades of combined experience representing victims of fraud or other financial misconduct.
If you are a Late Stage Investment Funds investor concerned about your investment, and believe you suffered losses, you may contact attorneys Alan Rosca or Paul Scarlato to learn more about your rights and for an evaluation of your potential claims, or to provide useful information. All consultations are free.
The Rosca Scarlato attorneys typically take cases like this on a contingency fee basis, advance all case costs, and only get paid for their fees and expenses if and when they are successful.
To reach attorney Alan Rosca or his colleagues, Late Stage Investment Funds investors may call 888-998-0530, email arosca@rscounsel.law, or leave a message through the contact form on this webpage.
The general considerations on this page are for informational purposes only and do not constitute legal advice. Such legal advice can only be offered once the attorneys discuss each investor’s situation, learn of the relevant facts, and can tailor any advice to that investor’s facts. The Late Stage Investment Funds Investigation page is not affiliated with any of the Late Stage Investment Funds, Late Stage Management, or other related person or entity. There has not been an adjudication on the merits of any allegations referenced in this blog post, as of the date of the posting.
Contact info:
Rosca Scarlato LLC – 216-946-7070 / 888-998-0530.
Alan Rosca – arosca@rscounsel.law
Paul Scarlato – pscarlato@rscounsel.law
In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow matters about which we report, and/or to publish subsequent updates regarding various developments that may occur in such matters. Readers are encouraged to conduct their own research regarding any such matters and any developments that may or may not have occurred in such matters. Also, the Brokercheck report linked to some of our blogs is the up-to-date version as of the date of accessing by the reader. The information in our blogs is current as of the date of the drafting of the blog, and given that sometimes certain past complaints may no longer be listed in newer Brokercheck reports, some of the events referenced in some of our blogs may later on be removed from newer Brokercheck reports. Visitors may check the most recent version of each brokercheck report at www.finra.org, and may contact FINRA for the earlier version of the Brokercheck report upon which various blogs may be based.
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